1 August, 2013
Massive solar investment underscores importance of renewable energy target
The Nature Conservation Council of New South Wales has welcomed power company AGL’s announcement yesterday that it would proceed with two massive solar-energy farms in the state’s west. [1]
AGL plans to install two million solar panels at covering a total of 375 hectares are locations near Nyngan and Broken Hill. Lessons learned from the project, which will cost about $450 million, will be studied by Queensland and NSW universities and deployed elsewhere.
“This is a very positive development that shows the importance of collaboration between business, government and the university sector to accelerate our shift to renewable energy,” NCC Chief Executive Officer Pepe Clarke said.
“Climate change is happening now and requires urgent action. We need to rapidly expand our clean energy capacity in NSW and phase out polluting coal-fired power generation.”
Mr Clarke said the two solar farm proposals demonstrated the importance of maintaining the federal Renewable Energy Target, which the federal Coalition would review in 2014 if elected, and the Australian Renewable Energy Agency (ARENA), which is a vital source of finance for these proven renewable energy sources.
AGL is investing about $200 million in the project, while $166.7 million is being funded by ARENA. The NSW government will provide $64.9 million in grants, and the Education Investment Fund will contribute $40.7 million to help universities develop and deploy the technology.
“Maintaining the financing arrangements that are in place and committing to a renewable energy target of more than 41,000 gigawatt-hours a year beyond 2020 is vital to provide the certainty and finance required to help companies commit to these essential projects over the long term.”
[1] http://www.smh.com.au/environment/climate-change/solar-energy-plants-get-the-green-light-20130731-2qzcp.html#ixzz2af0Lp5F1
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